DivX Announces Stock Repurchase Program
March 04 2008 - 5:00PM
Business Wire
DivX, Inc. (NASDAQ:DIVX), a digital media company, today announced
that its Board of Directors has authorized the Company to
repurchase up to $20 million of its common stock. The purchases
will be made from time to time through 10b5-1 programs, open market
purchases, or privately negotiated transactions. The number of
shares ultimately repurchased, and the timing of the purchases,
will depend on market conditions, share price, and other factors.
The program may be discontinued at any time. The Company has
approximately 34.9 million shares of common stock outstanding.
�This stock repurchase program demonstrates our confidence in the
growth of DivX,� said Dan Halvorson, Executive Vice President and
Chief Financial Officer for DivX. �In view of our strong balance
sheet, we believe the repurchase is an effective use of our
available cash and underscores our commitment to increasing
stockholder value.� About DivX, Inc. DivX, Inc. is a digital media
company that enables consumers to enjoy a high-quality video
experience across any kind of device. DivX creates, distributes and
licenses digital video technologies that span the �three screens�
comprising today�s consumer media environment�the PC, the
television and mobile devices. Over 100 million DivX Certified�
devices have shipped into the market from leading consumer
electronics manufacturers. DivX also offers content providers and
publishers a complete solution for the distribution of secure,
high-quality digital video content. Driven by a globally recognized
brand and a passionate community of hundreds of millions of
consumers, DivX is simplifying the video experience to enable the
digital home. Forward-Looking Statements Statements in this press
release that are not strictly historical in nature constitute
"forward-looking statements." Such statements include, but are not
limited to, statements concerning DivX�s repurchase of its common
stock, its anticipated cash requirements, its confidence in its
growth prospects, and its plans to increase stockholder value. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause DivX's actual
results to be materially different from historical results or from
any results expressed or implied by such forward-looking
statements. These factors include, but are not limited to: the
unpredictability and volatility of the price of DivX�s common
stock; the performance and conditions in the United States and
world financial markets; the policies and actions of the United
States and other governments; the risk that customer use of DivX
technology may not grow as anticipated; the risk that anticipated
market opportunities may not materialize at expected levels, or at
all; the risk that the Company�s activities may not result in the
growth of profitable revenue; risks and uncertainties related to
the maintenance and strength of the DivX brand; risks associated
with DivX's ability to penetrate existing and new markets; risks
regarding the effects of competition; DivX's dependence on its
licensees and partners; the effect of intellectual property rights
claims; and other factors discussed in the "Risk Factors" section
of DivX's quarterly report on Form 10-Q filed with the SEC on
November 14, 2007. All forward-looking statements are qualified in
their entirety by this cautionary statement. DivX is providing this
information as of the date of this release and does not undertake
any obligation to update any forward-looking statements contained
in this release as a result of new information, future events or
otherwise.
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